Asian shares are mixed and oil prices jump as Trump orders a blockade of oil tankers to Venezuela

Article contentBANGKOK (AP) — Asian shares were mixed on Wednesday with strong buying of technology shares helping lift some benchmarks, while oil prices surged more than 1% after President Donald Trump ordered a blockade of all “sanctioned oil tankers” into Venezuela.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentTrump’s move followed the seizure by U.S. forces last week of an oil tanker off Venezuela’s coast, an unusual move that followed a buildup of military forces in the region as his administration ramps up pressure on the country’s authoritarian leader Nicolas Maduro.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentU.S. futures edged lower.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentTokyo’s Nikkei 225 shed 0.3% to 49,237.58 traders awaited a decision on an interest rate hike by the Bank of Japan later in the week.Article contentThe government reported that the total value of machinery orders received by 280 manufacturers fell 6.8% in October from the month before, in line with other signs of weakening factory activity.Article contentChinese markets were marginally higher. Hong Kong’s Hang Seng picked up 0.2% to 25,291.44, while the Shanghai Composite index was up nearly 0.2%, at 3,831.43.Article contentIn South Korea, the Kospi advanced 0.7% to 4,028.93, lifted by computer chip maker SK Hynix, which gained 2.8%, and a 3.6% jump for Samsung Electronics.Article contentAustralia’s S&P/ASX 200 gave up 0.2% to 8,581.00.Article contentOn Tuesday, U.S. stocks drifted through a mixed day of trading after reports on the U.S. economy did little to clear up uncertainty about where interest rates may be heading.Article contentOne report said the U.S. unemployment rate was at its worst level since 2021 in November, but employers also added more jobs last month than economists expected. A separate report, meanwhile, said an underlying measure of strength for revenue at U.S. retailers grew more in October than economists expected.Article contentArticle contentThe S&P 500 slipped 0.2% to 6,800.26. It remains a bit below its all-time high set last week.

The Dow Jones Industrial Average dipped 0.6% to 48,114.26, and the Nasdaq composite rose 0.2% to 23,111.46.Article contentThe mixed data left intact traders’ hopes that the Federal Reserve may continue to cut interest rates in 2026. What the Fed does with interest rates is a top driver for financial markets because lower rates can boost the economy and prices for investments, even if they also may worsen inflation.Article contentA report coming on Thursday will show how bad inflation was last month, and economists expect it to show prices for U.S. consumers continue to rise faster than anyone would like.Article contentA report released on Tuesday suggested price pressures are rising sharply, with average selling prices for businesses climbing at one of the fastest rates since the middle of 2022. The preliminary data from S&P Global also said growth for overall business activity slowed to its weakest level since June.Article contentThe sharpest losses on Wall Street came from companies in the oil business as prices for crude kept sliding.Trending The Federal Reserve’s rate cut was a clear signal to investors Investor Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas Bank of Canada wants to make stablecoins 'good money,' Macklem says Finance Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance McKinsey plots thousands of layoffs in consulting slowdown Work Article contentExpectations that companies are pumping more than enough oil to meet the world’s demand have sent the price for a barrel of benchmark U.S. crude to its lowest level since 2021.Article contentEarly Wednesday, U.S. benchmark crude was up 73 cents at $56.00 per barrel. Brent crude, the international standard, picked up 71 cents to $59.63 per barrel.Article contentAPA’s stock sank 5.2%. Marathon Petroleum sank 4.7% and Halliburton dropped 4.3%.Article contentArtificial-intelligence technology stocks were mixed. Oracle rose 2%, and Broadcom added 0.4%. They both logged sharp losses last week, despite reporting stronger profits for the latest quarter than analysts expected.Article contentCoreWeave, which rents out access to top-of-the-line AI chips, fell 3.9%.Article contentQuestions remain about whether all the spending underway on AI technology will produce the kind of profits and productivity that will make it worth the expense.Article contentIn other dealings early Wednesday, the U.S. dollar rose to 155.12 Japanese yen from 154.73 yen. The euro slipped to $1.1732 from $1.1748.Article content___Article contentAP Business Writers Matt Ott and Stan Choe contributed.Article contentShare this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.

The Federal Reserve’s rate cut was a clear signal to investors Investor Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas Bank of Canada wants to make stablecoins 'good money,' Macklem says Finance Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance McKinsey plots thousands of layoffs in consulting slowdown Work